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| Market Mirror | |
Word that a compromise could be in the works for Greece and its creditors helped send major U.S. stock indices marginally higher Tuesday afternoon, according to the Associated Press. The Dow was up 28.23 points (0.16%) at 18,047.58, the NASDAQ ticked up 5.43 points (0.11%) to 4,899.27, and the S&P 500 increased 2.98 points (0.15%) to 2,100.22. The Russell 2000 increased by 1.91 (0.16%) to 1,225.04, and the Wilshire 5000 closed 31.49 points (0.14%) higher at 22,152.31.
On the NYSE, 3.2 billion shares changed hands, with 1.3 declining issues for every advancing issue. On the NASDAQ, 2.8 billion shares traded, with a 1.3 to 1 ratio of advancers to decliners.
The price of the 10-year Treasury note decreased 25/32, bringing its yield up to 2.144%. The price of the 30-year Treasury bond fell 1 20/32, increasing its yield to 2.733%. | |
| Compliance | |
| IRS Announces Retirement Plan Webinars in March | |
| The Internal Revenue Service (IRS) has announced two free webinars in March about the second cycle E determination letter application process and retirement plan loans to participants.Read more > | |
| Firm Not Liable for Botched Benefit Estimates | |
| A lawsuit filed by a former Banco Popular de Puerto Rico (BPPR) employee claiming his monthly pension benefit was substantially lower than the amount promised during his working years has been tossed out by a federal appeals court. According to an appeals court’s opinion, Alfredo Guerra-Delgado could not demonstrate that the plain language of the plan as adopted requires that he be credited for the years he worked at other firms. Rather, he alleged that those years should be counted because various fiduciaries of the plan represented to him that they would be counted.Read more > | |
| Agencies Request Input on Multiemployer Plan Guidance | |
| Regulators are looking for input from stakeholders in the multiemployer retirement plan industry before issuing guidance about the recently passed Multiemployer Pension Reform Act of 2014 (MPRA). In a request for information (RFI) from the Pension Benefit Guaranty Corporation (PBGC), the agency is asking for input about expanded rules for partitions and mergers of multiemployer plans. In a request for information from the Internal Revenue Service (IRS), that agency notes that the MPRA generally permits a sponsor of a multiemployer defined benefit (DB) plan that is in critical and declining status to suspend certain benefits following the provision of specified notice, consideration of public comments, approval of an application for suspension and satisfaction of other specified conditions, including a participant vote.Read more > | |
| Investing | |
| Net flows to stock and bond funds totaled $30.5 billion in January, led by a $14.9 billion net intake to Taxable Bond funds, according to Strategic Insight (SI), an Asset International company. U.S. Equity funds slipped into outflows during a volatile month, losing $2.7 billion. U.S. Equity index funds took in $17.6 billion; however, active funds had outflows of $6.8 billion, and U.S. Equity exchange-traded products (ETPs) posted outflows of $13.6 billion in January.Read more > | |
| Small Talk | |
| Sometimes it’s tempting to make a dramatic exit, and workers may not consider the future implications of how they quit a job. Nearly nine in 10 (86%) human resources (HR) managers interviewed said the way employees quit a job at least somewhat affects their future career opportunities. HR managers were asked by OfficeTeam to recount the most unusual way they have heard someone quit a job.Read more > | |
| ON THIS DATE: In 1564, the artist Michelangelo died in Rome. In 1861, in Montgomery, Alabama, Jefferson Davis was inaugurated as the President of the Confederate States. In 1885, Mark Twain published “The Adventures of Huckleberry Finn.” In 1929, the Academy of Motion Picture Arts and Sciences announced the winners of the first Academy Awards. In 1972, the California Supreme Court struck down the state’s death penalty. In 2001, Dale Earnhardt Sr., considered one of the greatest drivers in National Association for Stock Car Auto Racing (NASCAR) history, died at the age of 49 in a last-lap crash at the 43rd Daytona 500 in Daytona Beach, Florida. | |
| WEDNESDAY WISDOM: “Some people drink from the fountain of knowledge, others just gargle.” —Robert Anthony, an American organizational theorist and professor of management control at Harvard Business School | |
| Share the good news with a friend! Pass the Dash along – and tell your friends/associates they can sign up for their own copy.Read more > | |
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Copyright © Asset International, Inc., 2015. All rights reserved. No reproduction without prior authorization. |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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